3.51% Reward Checking Account at Reliant Bank in Tennessee

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Update 9/19/09: The top yield has fallen to 3.51% APY. Refer to the bottom of the post for the rate history.

Reliant Bank is offering a rewards checking account that pays 3.51% APY on balances up to $50,000 (0.25% for above) and refunds ATM fees if the following monthly requirements are met: 1) 10 debit card transactions, 2) 3 bill pay transactions, 3) one direct deposit or ACH transfer, 4) access online banking, and 5) receive electronic statements. If these are not met, the rate falls to 0.25%. The minimum opening balance is $100. There are no monthly service charges. The first order of checks is free.

It appears they require a branch visit to open accounts. Last year they were offering a 5.60% CD, and a branch visit was required. The bank is located in Brentwood, Tennessee which is about 10 miles south of Nashville. It's a new bank that was just established in 2006. It's FDIC insured (FDIC Certificate # 58209).

Other High Yield Reward Checking Accounts

For other reward checking accounts and for more information on these accounts, please refer to the following posts:


Edit 12/30/08: Slight modification of APY (5.01% to 5.03%)

Rate History:
09/01/09: 3.51% APY for up to $50K
07/01/09: 4.01% APY for up to $50K; 0.25% over; 0.25% base
04/01/09: 4.01% APY for up to $50K
01/12/09: 4.24% APY for up to $50K
03/31/08: 5.03% APY for up to $50K
03/17/08: 6.00% APY for up to $50K; 0.50% for above; 0.50% if req's are not met
Comments
Anonymous
Anonymous   |     |   Comment #1
I called to confirm that a branch visit is needed to open. They said that IF I already had an existing account with their bank I could open this Rewards account via mail &/or fax, BUT a brand-new customer has to physically vist the bank.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #2
Thanks for checking on this.
Anonymous
Anonymous   |     |   Comment #3
I have the account and it's a great product since you can't even find a CD out there at this rate. They are small since they are fairly new, but they offer a bank to bank transfer with their online banking product so you can still use your big bank to make any non-direct deposits, then transfer to your Reliant Bank account.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Nice to read they have bank-to-bank transfer capability. Not too many banks have this.
Timothy
Timothy (anonymous)   |     |   Comment #5
The website shows 5.01% APY now.
Anonymous
Anonymous   |     |   Comment #6
Nitpicking I suppose, but the top rate is listed as5.03% APY.
Anonymous
Anonymous   |     |   Comment #7
As of 1/1/09 the top rate is 4.24% APY. Other rates remain same.
Anonymous
Anonymous   |     |   Comment #8
As of 4/1/09 the top yield has fallen to 4.01% APY. Other rates remain same.
5.60% 10-Month CD at a Tennessee Bank (Reliant)
Reliant Bank is offering a special 5.60% APY 10-month certificate of deposit. The minimum deposit is $10,000, and the maximum deposit is $500,000. It's called a Flex CD because it allows you to choose one of the following features: one time add-on, one time withdrawal or one time rate bump-up.

It appears this CD can be opened by phone. On the promo page, it states:
[Update: The bank has changed the promo page, and it now states that a branch visit is required.]

The bank is located in Brentwood, Tennessee which is about...




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